A Study on Financial Planning for Salaried Employees and Strategies for Tax Savings

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Heli Patel; Himanshu Sharma; Dr Tejal Shah

A Study on Financial Planning for Salaried Employees and Strategies for Tax Savings

Authors: Heli Patel, Himanshu Sharma, Dr Tejal Shah

Unique Paper ID: 173850
Volume: 11
Issue: 10
PageNo: 2023-2028

Keywords: No Keywords Found

Abstract:
Individuals who possess fixed incomes can maximize economic security, cut down on taxation, and achieve wealth building for the future by good planning of finances. Comparing salaried class individuals' different planning strategies and investment in saving as well as its tax saving option in Gujarat State, India, is done by this study. It examines essential factors like the income range, habits of saving, and choices of investments. Data was obtained through a structured questionnaire prepared and handed out to two hundred salaried employees. Strategic planning and systematic implementation of sound plans leads to effective tax management and better financial security due to the increased financial awareness. This research identifies the influence of financial literacy on investment choices and the constraints to optimal tax planning. The study also looks at the employer-provided financial advice and its effect on the saving and wealth accumulation activities of an individual. Studying the tax knowledge relative to the income level offers insights on how salaried employees can effectively use tax benefit and retirement plans. The paper concludes with recommendations to improve the financial literacy which will transform the workforce into a more financially secure and stable one.

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ISSN: 2349-6002
Volume: 11
Issue: 10
PageNo: 2023-2028

A Study on Financial Planning for Salaried Employees and Strategies for Tax Savings

Available:https://ijirt.org/article?manuscript=173850

Impact Factor
8.01 (Year 2024)

UGC Approved
Journal no 47859

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